Probably watches too much FOX news. They seem to like handing the government their rights over there as long as a conservative is the one taking them away.

No, actually that is incorrect. It is the right to not have to testify against yourself nor incriminate yourself.

Example:
You are out stealing a parked car. Next morning you get arrested for murder, but at the time the murder was comitted you were stealing a car. The fifth amendment would protect you from having to publically admit you committed a crime you are not being charged with as your alibi for a crime you are being accused of when you are innocent.

Also you could replace 'stealing a car' with 'cheating on your spouse' and the same holds true. You can tell the prosecution and judge in a back room, but you don't have to publically admit it.